Insights

Laura specialises in reviewing the financial affairs of individuals and trusts with a view to identifying tax planning opportunities and tax efficient schemes. Laura also has significant experience with offshore trusts and international tax matters.

In 2019/20 the Government plans to abolish the existing process for collecting Class 2 National Insurance Contributions (NIC) and introduce a new scheme which will increase the percentage rate of Class 4 NIC paid by the self-employed on profits over a certain amount.

HMRC recently reported that 10.7 million customers submitted their self-assessment tax returns before the 31st January deadline. Around 9.9 million were apparently submitted through the department’s online service, which amounts to over 92.5% of total returns.

We reported last month that the Scottish Government utilised its devolved powers in its most recent budget to make further changes to income tax rates in Scotland, and as a result there are now significant differences between the rates of income tax paid in Scotland and the rest of the UK.